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28 Sep 2019
Imagine that politicians have decided that fuel prices are excessive for U.S. drivers and have passed a law that grants the power to regulate retail fuel prices to the U.S. Department of Energy. How might supply and demand for fuel be affected by fuel prices that are set by the Department of Energy instead of by a free market? Will the amounts of fuel demanded by consumers be met by the quantities supplied by a regulated market? Does a regulated market result in better economic efficiency in production and consumption than a free market?
Imagine that politicians have decided that fuel prices are excessive for U.S. drivers and have passed a law that grants the power to regulate retail fuel prices to the U.S. Department of Energy. How might supply and demand for fuel be affected by fuel prices that are set by the Department of Energy instead of by a free market? Will the amounts of fuel demanded by consumers be met by the quantities supplied by a regulated market? Does a regulated market result in better economic efficiency in production and consumption than a free market?
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Chika IlonahLv10
28 Sep 2019